Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 13 Oct 2017 My Price 8.00

Kansas City

Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as follows:

Thousands

Price

Thousand

Surplus (+)

of bushels

per

of bushels

or

demanded

bushel

supplied

shortage (-)

85

$3.40

72

_____

80

3.7

73

_____

75

4

75

_____

70

4.3

77

_____

65

4.6

79

_____

60

4.9

81

_____

a. What will be the market or equilibrium price? What is the equilibrium quantity? Using the surplus-shortage column, explain why your answers are correct.

b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price “P” and the equilibrium quantity “Q.”

c. Why will $3.40 not be the equilibrium price in this market? Why not $4.90? “Surpluses drive prices up; shortages drive them down.” Do you agree?

d. Now suppose that the government establishes a ceiling price of, say, $3.70 for wheat. Explain carefully the effects of this ceiling price. Demonstrate your answer graphically. What might prompt the government to establish a ceiling price?

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Oct 2017 12:10 PM My Price 8.00

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